Obama picks Cordray to head consumer agency

WASHINGTON  President Barack Obama intends to nominate former Ohio Attorney General Richard Cordray to the new Consumer Financial Protection Bureau that was a central feature of a law that overhauled banking regulations.

White House and administration sources say Mr. Obama plans to announce the nomination Monday at the White House.

In choosing Cordray, President Obama bypassed Elizabeth Warren, a favorite of consumer groups, who has been assembling the agency as a special adviser to the White House and to Treasury Secretary Timothy Geithner.

Cordray would have to be confirmed by the Senate. Warren, who is considered the architect of the consumer bureau, faced opposition in the Senate and would have had a difficult time wining confirmation.